DUBLIN, Jan. 24, 2024 (Globe Newswire) — The “European Pet Insurance Market Size and Share Analysis – Growth Trends and Forecasts (2023-2028)” report has been added. ResearchAndMarkets.com Recruitment.
The European pet insurance sector is expected to make significant progress, with the market size growing significantly from USD 3.1 billion in 2023 to USD 4.85 billion by 2028, at an annual growth rate of 9.36% during the forecast period. It is predicted to grow at a compounded growth rate (CAGR). From 2023 to 2028 for him. This growth trend is primarily driven by the rise in pet ownership and rising costs associated with veterinary care across the continent.
Pet insurance in Europe is increasingly customized to suit the diverse needs and preferences of pet owners. Public and private insurance companies offer a wide range of insurance options for different types of animals, including dogs, cats, and horses. These insurance policies often cover a significant portion of veterinary treatment costs, and owners can claim reimbursement for their pet's medical expenses.
The increase in pet adoption and the evolution of pet owners into pet parents are key drivers of the expansion of the European pet insurance market. As pets become increasingly valued members of the family, demand for financial products that can support their medical needs is rapidly increasing.
Innovations in pet insurance offerings, coupled with favorable regulations and cooperation between insurance companies and veterinary professionals, are further driving market growth. These advances are aimed at ensuring superior care for pets, especially in light of the challenges posed by the COVID-19 pandemic, which has had a temporary negative impact on the industry.
Increasing pet adoption rate drives market growth
Over the past decade, there has been a marked increase in pet adoption across Europe, with more people bringing pets into their homes primarily for companionship. This cultural shift has created a strong correlation between pet adoption rates and demand for pet insurance. The growing social acceptance of pets as essential family members has significantly expanded market demand in this region.
Increased spending on pet health care drives insurance penetration
Spending on pet care has increased significantly in recent years, with countries such as the Netherlands, France and Germany leading the way in per capita spending. This trend demonstrates Europe's broader commitment to pet health and is contributing to the growing demand for pet insurance.
Competitive landscape in the European pet insurance market
The European pet insurance market is characterized by a competitive nature with a variety of major players at national and international level. These companies are engaging in strategic initiatives such as policy innovations, mergers, acquisitions, and regional expansion to capture greater market share and enhance their service offerings. The renowned insurance company offers comprehensive medical plans, unique insurance schemes and multiple pet insurance policies, catering to the diverse needs of pet owners across Europe.
As the European pet insurance market continues to evolve, it will foster a robust and competitive environment that benefits both consumers and insurance providers alike, leading to a safe healthcare future for the region's beloved pets.
For more comprehensive analysis of this dynamic market, including emerging trends, growth factors, and forecasts, we encourage you to read the full report for additional benefits. These supplements are intended to provide a more advanced perspective and analyst support for those monitoring the European pet insurance landscape.
Some of the companies mentioned in this report include:
- pet plan
- hug
- RSA insurance
- pet first healthcare
- Pet Health Co., Ltd.
- protector pet
- Aguila
- pet secure
- heart building group
- NSM Insurance Group*
For more information on this report, please visit https://www.researchandmarkets.com/r/vst5ik.
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European Pet Insurance Market Growth in Per Capita Spending on Pet Wellness in Europe 2017 2021
